Futures slide as markets look past shutdown to debt ceiling

S&P 500 (SPY) futures -0.7%, with DJIA (DIA) -0.5%, and Nasdaq 100 (QQQ) -0.5% as markets today decide the partial federal government shutdown is a bad thing. Beyond the shutdown is the debt ceiling debate which has a far greater capacity to roil financial stability. Were this not resolved by October 17 (the Treasury Sec.'s date), checks would stop going out as payment on U.S. government debt.

Europe's off moderately, and Japan dumped 2.2% overnight as the government again pushes through a sales-tax hike just as the economy starts to gain some momentum.